Clonex Labs, Inc., uses a process costing system. The following data are availab

Question

Clonex Labs, Inc., uses a process costing system. The following data are available for one department for October:

Percent Completed
Units Materials Conversion
Work in process, October 1 53,000 90% 60%
Work in process, October 31 30,000 73% 50%

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The department started 386,000 units into production during the month and transferred 409,000 completed units to the next department.


Required:
Compute the equivalent units of production for October assuming that the company uses the weighted-average method of accounting for units and costs.

Explanation / Answer

Materials Units % Equivalent units in Prod Beginning Invty 53,000 90% Started 386,000 Units to be accounted 439,000 Completed 409,000 409,000 Ending Invty 30,000 73% 21,900 Units as accounted 439,000 Equivalent Units 430,900 Conversion Costs Units % Equivalent units in Prod Beginning Invty 53,000 60% Transferred 386,000 Units to be accounted 439,000 Completed 409,000 409,000 Ending Invty 30,000 50% 15,000 Units as accounted 439,000 Equivalent Units 424,000

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